Vodafone Q1 Organic Group Service Revenue, Incl. JVs, Down 3.5% - Quick Facts

(RTTNews) - British telecom giant Vodafone Group Plc (VOD, VOD.L), on an organic basis, reported a 3.5% drop in Group service revenue, including joint ventures, to 10.16 billion pounds, and down by 1.3%, excluding joint ventures. Including joint ventures, Group revenue amounted to 11.1 billion pounds, the company said.

Excluding the impact of mobile termination rate cuts, Group service revenue, including joint ventures, decreased 0.7%.

The firm reported continued strong service revenue growth in emerging markets. Service revenue in Turkey climbed 15.5%, with strong growth in mobile in-bundle revenue, driven by higher smartphone penetration and an increase in enterprise revenue, as well as continued growth in the contract customer base; while Netherlands service revenue was down 3.7%, hurt by the challenging macroeconomic conditions and intense competition, as well as lower out-of-bundle usage.

Meanwhile, service revenue in India rose 13.8%, supported by strong growth in mobile voice minutes, a higher rate per minute and a more stable competitive environment. Vodacom's service revenue improved by 3.2%, driven by growth in Vodacom's mobile operations outside South Africa.